Microsoft Word - S - MDA 4Q19_EN Page 1 of 7 Singha Estate Public Company Limited Management Discussion and Analysis 2019 Executive Summary Singha Estate Public Company Limited (“the Company

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Page 1 of 7 Management Discussion and Analysis 2018 Executive Summary The operating result of 2018, Singha Estate Public Company Limited (“the Company” or “Singha Estate”) reached total revenue of

incorporated and existing under the laws of Thailand which engages in the design, production and hiring for production of a printing media and/or all other types of advertising media, by purchasing 3,000,000

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before Interest, Taxes, Depreciation and Amortization EDL = Electricite Du Laos EGAT = Electricity Generating Authority of Thailand ERC = Energy Regulatory Commission EPC = Engineering, Procurement and

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INDORAMA VENTURES PUBLIC COMPANY LIMITED 75/102 Ocean Tower 2, 37th Floor, Asoke Road, Klongtoey Nuer, Wattana, Bangkok 10110, Thailand Tel. 02-661-6661 Fax. 02-661-6664 www.indoramaventures.com 1